[Pen-l] FYI: Skidelsky on Keynes

["Julio Huato" <juliohuato@xxxxxxxxx>]

Shane Mage wrote:

> At a "given point point in time"  asset prices are
> what they are, and so the probability of their being
> anything else is zero *by definition*.

A "given point in time" doesn't necessarily mean right now.

It's a more general notion.  It may mean tomorrow.  Or the next day.
It may mean yesterday or the day before.

In general, having a time joint probability distribution of X is not
trivial.  If the level of X in the future (past) has not yet been (was
not) observed or is unobservable, and you need to form expectations
about it (historians deal with the latter problem all the time), you
need a probability distribution of X.
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